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FY23 annual report analysis: Strong growth in end-user industries leading to healthy EVA creation We remain enthused about 3M India post analysing its FY23 annual report. Key highlights: (1) Most end-user industries – e.g. automotive, infrastructure and manufacturing – have reported revival, which augurs well for 3M India. (2) Company has passed on additional costs with a lag and, with relatively stable exchange rates, it improved its EBITDA margin to 15.3% in FY23 from 11.7% i...
Buy 3M India Ltd For Target Rs. 35,200 - ICICI Securities
Sixth straight quarter of 25%+ YoY EBITDA growth; Re-iterate BUY 3M India maintained strong growth momentum with eighth straight quarter of 11%+ revenue growth YoY and sixth straight quarter of 25%+ EBITDA growth YoY. We believe the revival in industrials, infrastructure and automotive sectors augurs well for most segments of 3M India. Increase in localisation of mobile manufacturing is also expected to create additional growth opportunities for 3M India. While Consumer and Healthcare segm...
Buy 3M India Ltd For Target Rs. 32,650 - ICICI Securities
3M India is currently trading at Rs. 27751.20, up by 854.50 points or 3.18% from its previous closing of Rs. 26896.70 on the BSE. The scrip opened at Rs. 26900.00 and has touched a high and low of Rs. 28108.00 and Rs. 26702.10 respectively. So far 725 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 29150.00 on 14-Jul-2023 and a 52 week low of Rs. 21380.70 on 03-Jan-2023. Last one week high and low of the scrip ...
3M India shines on reporting 53% rise in Q1 consolidated net profit
3M India is currently trading at Rs. 23654.45, up by 574.50 points or 2.49% from its previous closing of Rs. 23079.95 on the BSE. The scrip opened at Rs. 23233.25 and has touched a high and low of Rs. 23957.80 and Rs. 23233.25 respectively. So far 338 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 26858.00 on 11-Feb-2022 and a 52 week low of Rs. 17300.00 on 27-May-2022. Last one week high and low of the scrip ...
3M India zooms on reporting 87% rise in Q3 consolidated net profit
3M India is currently trading at Rs. 22885.80, up by 35.35 points or 0.15% from its previous closing of Rs. 22850.45 on the BSE. The scrip opened at Rs. 22910.00 and has touched a high and low of Rs. 22922.45 and Rs. 22550.00 respectively. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 26858.00 on 11-Feb-2022 and a 52 week low of Rs. 17300.00 on 27-May-2022. Last one week high and low of the scrip stood at Rs. 23444.50 and Rs. 22550.00 respecti...
3M India gains despite its promoter to exit PFAS manufacturing by end of 2025
Strong dividend payout to improve RoCE without affecting ability to invest in capex 3M India has announced its first-ever dividend (Rs850/share), which is the key highlight of Q2FY23 result. The payout will result in cash outflow of Rs9.75bn, but the company still has enough cash on books (~Rs4bn) to invest in any large capex. It also generates OCF > Rs3bn each year. Revenue of 3M grew 16.3% YoY, led by strong numbers across all segments. Amidst input material inflation, supply-chain ch...
Buy 3M India Ltd For Target Rs. 27,400 - ICICI Securities
3M India is currently trading at Rs. 23544.95, up by 72.25 points or 0.31% from its previous closing of Rs. 23472.70 on the BSE. The scrip opened at Rs. 23734.95 and has touched a high and low of Rs. 23885.00 and Rs. 23387.80 respectively. So far 191 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 27285.85 on 11-Nov-2021 and a 52 week low of Rs. 17300.00 on 27-May-2022. Last one week high and low of the scrip s...
3M India trades marginally higher on reporting 65% rise in Q2 consolidated net profit
Capacity expansion may reduce procurement dependence from parent 3M India’s FY22 annual report highlights the following: (1) Company is expanding its local manufacturing capacity for respirators, masks, hand sanitisers, etc; it will also supply industry consumables to mobile phone manufacturing companies availing the PLI schemes. (2) 3M India is steadily investing in increasing its offline and online reach for Scotch Brite. (3) It introduced four products in automotive and consumer s...
Buy 3M India Ltd For Target Rs. 26,500 - ICICI Securities
3M India is currently trading at Rs. 19381.90, up by 1777.40 points or 10.10% from its previous closing of Rs. 17604.50 on the BSE. The scrip opened at Rs. 18900.00 and has touched a high and low of Rs. 20914.00 and Rs. 18900.00 respectively. So far 1419 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 27800.00 on 08-Nov-2021 and a 52 week low of Rs. 17300.00 on 27-May-2022. Last one week high and low of the scr...
3M India shines on reporting 57% rise in Q4 consolidated net profit
Strong recovery in Healthcare; Safety & Industrials continue to underperform While Q3FY22 results were below our expectations, we note 3M India has reported revenue and PAT growth of 35.6% and 37.8% YoY, respectively, in 9MFY22. Q3FY22 was impacted by muted growth in Safety and Industrial segment (1% YoY) and steep inflation in input prices as well freight cost. However, we remain enthused by 45.7% revenue growth in Healthcare segment. Increase in manufacturing activities in India post...
Buy 3M India Ltd For Target Rs.29,000 - ICICI Securities
Strong revenue recovery; lower margins Key takeaways from Q2FY22 results: (1) All segments except Safety & Industrial continued to report healthy recovery. We note revival in automotive, infrastructure and construction sector and better consumer off-take were chief growth drivers, (2) revenues grew 21.8% YoY, but EBITDA and adj. PAT declined 18.7% and 14.2% YoY and (3) gross margins declined 165bps YoY due to input material cost inflation. Increase in manufacturing activities in India ...
Buy 3M India Ltd For Target Rs.31,000 - ICICI Securities
Recovery across all segments All segments of 3M India continued to report recovery. We note (1) revival in automotive, infrastructure and construction sector, (2) better consumer off-take primarily in Home care products and (3) favorable base were chief reasons. Adjusting for closure of automotive graphics business, two-year revenue CAGR works out to -1.3%. We model the business to maintain recovery momentum in FY22-23 due to re-opening of economy especially auto, oil & gas and healthc...
Add 3M India Ltd For Target Rs.26,900 - ICICI Securities
Annual report analysis: Supplies to EV and mobile handsets are key growth drivers FY21 annual report highlights: (1) Auto electrification is focus area for the company and it will introduce differentiated products in battery thermal management and display solutions. (2) 3M also plans to work closely with OEMs, their contract manufacturers and suppliers to enable more local content. (3) The company introduced three products in automotive segment. We expect launches of additional products w...
Buy 3M India Ltd For Target Rs.26,900 - ICICI Securities
PLI remains medium-term growth opportunity We interacted with senior management of 3M India and takeaways from the discussion are (1) the company plans consolidation of its two plants in Pune which will result in higher production efficiencies and lower overheads, (2) It believes PLI is strong medium-term opportunity and it is in discussion with Government and manufacturers to offer its products/services related to PLI, (3) Healthcare segment is still impacted due to lower elective surgeri...
Add 3M India Ltd For Target Rs. 26,900 - ICICI Securities
Strong recovery across segments ex Healthcare All segments of 3M India except Healthcare reported strong recovery in Q4FY21 Key reasons were (1) revival in automotive, infrastructure and construction sector, (2) better consumer off-take primarily in Home care products and (3) favorable base. Due to lower capacity utilization in hospitals and postponement of elective surgeries, Healthcare segment reported revenue growth of just 5.8% YoY. While closure of automotive graphics business resulte...
Add 3M India Ltd For Target Rs.26,900 - ICICI Securities
Recovery visible in most segments Key takeaways from 3M India’s Q3FY21 earnings: (1) There is recovery in consumer and Transportation & Electronics segment with re-opening up of the economy and automotive sector, (2) Healthcare segment continues to be impacted by lower off-take by hospitals and (3) though gross margin was flat, cost-saving initiatives resulted in EBITDA margin expansion of 370bps. We model the business to maintain recovery momentum in FY22 due to re-opening of e...
Add 3M India Ltd For Target Rs.23,000 - ICICI Securities
Key beneficiary of budgeted capex and investments in road construction 3M India is likely to be beneficiary of higher budgetary allocation to capital expenditure, road construction, PLI announcements as well as higher allocation to healthcare. 3M India supplies consumables used in these industries. There will be higher demand for its products such as abrasives, adhesives due to higher capex. The demand for road markers, pavement markers, reflectors will increase with higher construction o...
Add 3M India Ltd For Target Rs.21,800 - ICICI Securites
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